![]() ![]() ![]() It has no income requirements as long as you’re not enrolled in an employer-sponsored retirement plan. ![]() If you don’t yet qualify for the 401(k), look at the traditional IRA. However, there are income limits for contributing to a Roth IRA. Earnings can grow for as long as you want. Unlike many other retirement plans, you never have to cash out of a Roth. “So younger people should take advantage of the decades of tax-free compounding available to them through a Roth IRA.” “The greatest money-making asset anyone can possess is time,” Slott says. You save with after-tax dollars, but the earnings on your investments grow tax-free. In 2023, individuals under age 50 can save up to $6,500 in a Roth IRA or traditional IRA.Įd Slott, a nationally recognized retirement expert and author of “Your Complete Retirement Planning Road Map,” says that everybody should open a Roth. ![]()
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